Crude oil prices collapsed after a report crossed that the
12-member oil cartel OPEC is not cutting its production levels.

The group decided to maintain production at 31.5 million barrels
per day at its meeting in Vienna on Friday. But it remained
divided over its production ceiling, and failed to reach an
agreement.

In New York, West Texas Intermediate crude futures fell by as
much as 2% and below $40 per barrel, to as low as $39.61. In
August, WTI fell to a six-year low of $37.75.

There had been reports earlier this week about division among
OPEC members about whether to cut output, amid a growing supply
glut that is keeping oil prices lower.

Last year, OPEC, which is effectively led by Saudi Arabia,
decided not to lower its production levels to maintain market
share, as competition from other players like US shale-oil
producers intensified.

And as production from OPEC and non-OPEC members soared, crude
oil prices continued to fall.

Here's a chart showing the drop in WTI on Friday after the news
crossed:Investing.com

And this was Brent crude, the international benchmark of oil
prices:Investing.com